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Case Status:    SETTLED
On or around 12/18/2018 (Date of order of final judgment)

Filing Date: March 16, 2017

Walter Investment Management Corp. ("Walter") provides residential loan servicing that focuses on credit-sensitive residential mortgages and reverse mortgages.

According to the law firm press release, the lawsuit alleges that Defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) Walter had a material weakness in its internal control over financial reporting; and (2) as a result, Defendants’ statements about Walter’s business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times. On March 14, 2017, Walter disclosed that there was a material weakness in internal controls over financial reporting related to operational processes associated with Ditech Financial default servicing activities for the year ended December 31, 2016. On this news, shares of Walter fell $1.05 per share or over 38% to close at $1.65 per share on March 14, 2017, damaging investors.

On May 3, 2017, this case was transferred to the Eastern District of Pennsylvania.

An amended Complaint was filed on September 19.

On July 13, 2018, the parties entered into a Stipulation and Agreement of Settlement. The Court issued an Order granting preliminary approval of the Settlement on August 1. On December 18, the Court granted final approval of the Settlement and entered Final Judgment. On February 12, 2020, the Court approved the Class Distribution Order.

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